FRANKFURT (Reuters) - Latvian lender ABLV Bank is failing or likely to fail and will be wound up by local authorities, the European Union's Single Resolution Board said in a statement on Saturday.
"Following the decision by the European Central Bank to declare ABLV Bank, AS and its subsidiary ABLV Bank Luxembourg S.A. as 'failing or likely to fail', the Single Resolution Board has decided that resolution action is not necessary as it is not in the public interest for these banks," it said.
"As a consequence, the winding up of the banks will take place under the law of Latvia and Luxembourg, respectively," the SRB said in a statement.
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(Reporting by Balazs Koranyi; Editing by Sandra Maler)